A year after buying Scottish Widows Investment Partnership (Swip), Aberdeen Asset Management is merging away three more funds.
The formerly Swip-run £9.1m Multi-Manager Select Boutiques fund and the in-house Aberdeen £56.7m Multi-Manager Constellation Portfolio will both merge into the £84.1m Multi-Manager Equity Managed Portfolio.
Aberdeen’s multi-manager team has undergone a significant reshuffle in the past year following the £550m takeover.
Head of the Aberdeen multi-manager team Aidan Kearney left the business, while co-head Graham Duce shifted to lead the discretionary multi-asset team. Swip’s multi-manager duo of Simon Wood and Mark Harries then took over the multi-manager range upon arriving at Aberdeen.
“These fund mergers and name changes are all part of the process of integrating the Aberdeen Swip fund ranges. It became clear these three funds had significant overlap and that it would create investor benefits to merge, leading to an overall reduction in fund costs,” a spokesperson for Aberdeen said.
Elsewhere, Aberdeen is also merging the formerly Swip-run £108.1m European High Yield Bond fund into its £34.8m High Yield Bond fund.
“The High Yield Bond and European High Yield Bond funds are managed by the same team and both invest in sterling and euro bonds, so it makes sense to merge them to create a larger fund,” the spokesperson said.
If investors approve these plans, the mergers will take place on August 28.
